Buy or sell stocks: The Indian stock markets closed in the red for the third consecutive session on Friday, February 7. The Nifty 50 index closed 0.18 per cent lower at 23,559.95 points, compared to 23,603.35 points in the previous stock market session.
The BSE Sensex index closed 0.25 per cent lower at 77,860.19 points, compared to 78,058.16 points in the previous market session.
Vaishali Parekh’s stocks to buy today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said the Nifty 50 index was highly volatile after the Reserve Bank of India (RBI) announced its monetary policy stance. On Friday, the RBI cut its key benchmark interest rates by 25 basis points. Parekh estimates the Nifty 50 Spot index to find support at 23,400 points and face resistance at 23,800 points. The Bank Nifty index will likely move in the 49,700 to 50,900 range.
Vaishali Parekh recommended three buy-or-sell stocks for Monday: United Spirits Ltd, PB Fintech Ltd, and Torrent Power Ltd.
Stock market today
On the outlook for the Nifty 50 and the Bank Nifty index, Parekh said, “Nifty witnessed a highly volatile session post the RBI Policy announcement, with the index swinging between 23,700 and 23,450 levels, to close finally above the important zone of 23,500 with bias maintained cautiously positive ahead of the Delhi Election Result outcome.”
“The index needs to breach above the 23,800 zone decisively to trigger a fresh upward move. Expect targets of 24,100 and 24,600 in the coming days, with 23,000 zone maintained as the important and crucial support,” said the stock market expert.
“Bank Nifty has been finding tough resistance barrier near the 50,600 zone. Once again, amid fluctuations, it slipped down to end near 50,150 levels, with bias maintained with a cautiously positive approach. The index needs to cross the hurdle above 50,600 zone. Also on the upside, it has a significant 200-period MA at 50,900 levels, which needs to be breached decisively to carry on with the positive move further ahead. The important support would be maintained near 49,700 level, which needs to be sustained as of now,” said Parekh.
Parekh said that the Nifty 50 Spot for today has support at 23,400 points and resistance at 23,800 points. The Bank Nifty index would have a daily range of 49,700 to 50,900.
Buy or sell stocks by Vaishali Parekh
1. United Spirits Ltd. (UNITDSPR): Buy at ₹1,423; Target at ₹1,460; Stop Loss at ₹1,390.
2. PB Fintech Ltd. (POLICYBZR): Buy at ₹1,724; Target at ₹1,900; Stop Loss at ₹1,560.
3. Torrent Power Ltd. (TORNTPOWER): Buy at ₹1,405; Target at ₹1,500; Stop Loss at ₹1,350.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
